Business
Digi International Reports First Fiscal Quarter 2022 Results
Acquisition of Ventus Completed in November Record Quarterly Revenues of $84.3M MINNEAPOLIS--(BUSINESS WIRE)-- Digi International® Inc. (Nasdaq: DGII), a
About this update from Digi International Inc.
[{"type":"text","content":"\nAcquisition of Ventus Completed in November\n\nRecord Quarterly Revenues of $84.3M\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nDigi International® Inc. (Nasdaq: DGII), a leading global provider of business and mission critical Internet of Things (\"IoT\") products, services and solutions, today announced its financial results for its first fiscal quarter ended December 31, 2021.\n\nFirst Fiscal Quarter 2022 Results Compared to First Fiscal Quarter 2021 Results\n\n\nRevenue increased to $84.3 million, an increase of 15%.\n\n\n\nGross margin was 56.8% versus 56.1%. Gross margin excluding amortization was 58.5% compared to 57.6%.\n\n\n\nNet income per diluted share increased to $0.03 compared to $(0.01).\n\n\n\nAdjusted EPS increased to $0.36 per diluted share, an increase of 13%.\n\n\n\nAdjusted EBITDA increased to $17.0 million, an increase of 31%.\n\n\n\nAnnualized Recurring Revenue, or ARR increased to over $88 million, an increase of 170%.\n\n\nReconciliations of GAAP and non-GAAP financial measures appear at the end of this release.\n\n“We are excited to welcome Ventus as their people, culture, and value proposition fit nicely into the Digi family,\" said Ron Konezny, President and Chief Executive Officer. “Aided by the Ventus' contribution, we achieved record revenue and profits in the fiscal first quarter. In addition, over $88 million annualized recurring revenue powered by over 270,000 IoT Solutions subscribers lifts recurring revenue to 25% of our total revenue.”\n\nSegment Results\n\nIoT Product & Services\n\nThe segment's first fiscal quarter 2022 revenues of $65.7 million increased 6% from the same period in the prior fiscal year. This increase is attributable primarily to revenue from our cellular and OEM products. ARR in the first fiscal quarter was nearly $14 million. Gross profit margin decreased 349 basis points to 54.3% of revenues for the first fiscal quarter of 2022, due to product and customer mix.\n\nIoT Solutions\n\nThe segment's first fiscal quarter 2022 revenues of $18.5 million increased 63% from the same period in the prior fiscal year. This increase from the prior year fiscal quarter was driven by increased revenue from our November 2021 acquisition of Ventus. ARR in the first fiscal quarter was nearly $75 million. Sites that Digi serves grew to nearly 271,000 sites as of December 31, 2021, including the new...